US20210073777A1 - Method and system for switching from a selected payment method into an installment loan for one or more finalized transactions - Google Patents
Method and system for switching from a selected payment method into an installment loan for one or more finalized transactions Download PDFInfo
- Publication number
- US20210073777A1 US20210073777A1 US17/093,094 US202017093094A US2021073777A1 US 20210073777 A1 US20210073777 A1 US 20210073777A1 US 202017093094 A US202017093094 A US 202017093094A US 2021073777 A1 US2021073777 A1 US 2021073777A1
- Authority
- US
- United States
- Prior art keywords
- payment
- consolidated
- transaction
- holder
- payment method
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Pending
Links
- 238000000034 method Methods 0.000 title claims abstract description 151
- 230000008569 process Effects 0.000 claims abstract description 19
- 230000000977 initiatory effect Effects 0.000 claims abstract description 12
- 238000010295 mobile communication Methods 0.000 claims description 12
- 238000013475 authorization Methods 0.000 claims description 5
- 238000004891 communication Methods 0.000 claims description 4
- 238000010586 diagram Methods 0.000 description 15
- 238000004590 computer program Methods 0.000 description 10
- 230000006870 function Effects 0.000 description 7
- 230000015654 memory Effects 0.000 description 7
- 238000012545 processing Methods 0.000 description 5
- 230000003287 optical effect Effects 0.000 description 3
- 230000008901 benefit Effects 0.000 description 2
- 239000000463 material Substances 0.000 description 2
- 239000013307 optical fiber Substances 0.000 description 2
- 230000000644 propagated effect Effects 0.000 description 2
- 239000004065 semiconductor Substances 0.000 description 2
- 230000009471 action Effects 0.000 description 1
- 230000005540 biological transmission Effects 0.000 description 1
- 238000004519 manufacturing process Methods 0.000 description 1
- 230000007246 mechanism Effects 0.000 description 1
- 238000012986 modification Methods 0.000 description 1
- 230000004048 modification Effects 0.000 description 1
- 230000008520 organization Effects 0.000 description 1
- ZLIBICFPKPWGIZ-UHFFFAOYSA-N pyrimethanil Chemical compound CC1=CC(C)=NC(NC=2C=CC=CC=2)=N1 ZLIBICFPKPWGIZ-UHFFFAOYSA-N 0.000 description 1
- 238000010187 selection method Methods 0.000 description 1
- 238000012360 testing method Methods 0.000 description 1
- 238000012546 transfer Methods 0.000 description 1
Images
Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/20—Point-of-sale [POS] network systems
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/20—Point-of-sale [POS] network systems
- G06Q20/202—Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/22—Payment schemes or models
- G06Q20/227—Payment schemes or models characterised in that multiple accounts are available, e.g. to the payer
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
- G06Q20/32—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using wireless devices
- G06Q20/322—Aspects of commerce using mobile devices [M-devices]
- G06Q20/3223—Realising banking transactions through M-devices
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/389—Keeping log of transactions for guaranteeing non-repudiation of a transaction
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
- G06Q20/401—Transaction verification
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
- G06Q20/403—Solvency checks
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
- G06Q20/405—Establishing or using transaction specific rules
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
- G06Q20/407—Cancellation of a transaction
Definitions
- the present invention relates generally to computerized payment methods, and more particularly to post-transaction amendments of payment method.
- payment method as used herein is defined broadly as any method payment that requires identification of the payer (e.g. not cash) and can include payments cards, bank accounts, credit lines, and other
- consolidated payment device as used herein is defined broadly as any consolidated payment device whether physical or not, that is associated with a plurality of payment methods and enables using any of the payment methods with which it is associated.
- a consolidated payment device may include, for example, a card, a phone or a payment wearable (e.g. ring, bracelet, keyring and the like).
- a consolidated payment device format it is possible for payment device holder to use any of the plurality of payment methods associated with his or her consolidated payment device either by preselecting the specified payment method for the transaction or based on a specified order or other logic.
- a holder of such a consolidated payment device it is required for a holder of such a consolidated payment device, to reverse his or her payment method selection after he or she already used the device. This can be due to a mistake (e.g., the holder did not realize they do not have sufficient funds on a particular payment method) or due to latency associated with payment method selection procedure that is inherent to consolidated payment device format.
- Another important scenario is when a holder of such a consolidated payment device would like to switch from a specific payment method he or she has selected for a specific transaction, after it has been finalized, to an installment loan. This may enable a holder of the consolidated payment device to go over completed transactions and decide which of them he or she would like to switch or convert into an installment loan.
- a method and a system for reselecting of a payment method of a plurality of payment methods associated with a consolidated payment device are provided herein.
- the method may include the following steps: obtaining, at a remote server, a transaction request, responsive to an initiation by a holder of a consolidated payment device, possibly but not necessarily, at a point of sale (POS), wherein the transaction request indicates a first payment device of said plurality of payment devices; authorizing the transaction request, following a process that include, inter alia, verifying sufficient funds on the first payment device; receiving, at said remote server, a reselection request indicating an second payment device which is different than the first payment device; in a case that the transaction has not yet finalized, authorizing the transaction request with the second payment device and aborting the transaction with the first payment device; and in a case that the transaction has been finalized, authorizing the transaction request with the second payment device and initiating a cancel and refund process for the
- embodiments of the present invention are carried out in a manner that is totally transparent to the recipient of the payment initiated by the holder.
- a recipient or a merchant are unaware and need not do anything in order to implement the so-called “go back in time and pay later” feature in accordance with some embodiments of the present invention.
- the credit and or the loan can be pre-agreed upon between the holder of the CPD and the lender.
- FIG. 1 is a block diagram illustrating non-limiting exemplary architecture of a system in accordance with some embodiments of the present invention.
- FIG. 2 is a high-level flowchart illustrating non-limiting exemplary method in accordance with embodiments of the present invention.
- FIG. 1 is a block diagram illustrating non-limiting exemplary architecture of a system in accordance with some embodiments of the present invention.
- System 100 of reselecting of a payment method of a plurality of payment methods 30 associated with a consolidated payment device 50 is illustrated in high level architecture.
- System 100 may include: a payment selection module 130 implemented on a computer processor 120 at a remote server 110 .
- Payment selection module 130 may be configured to obtain, a transaction request initiated by a holder 10 of a consolidated payment device 50 possibly but not necessarily at a point of sale (POS) 20 connected via a network 40 to server 110 . It is understood that, within network 40 , many functionalities are carried out in order to achieve an operational payment method consolidating mechanism.
- POS point of sale
- the transaction request indicates a first payment method of said plurality of payment methods (PM) 30 .
- System 100 may further include a transaction authorization module 140 , possibly implemented on computer processor 120 , configured to authorize the transaction request, following a process that may include, inter alia, verifying sufficient funds on the first payment method.
- System 100 may further include a post transaction payment selection module 150 , possibly implemented on computer processor 120 , configured to receive a reselection request indicating a second payment method which comprises an installment loan.
- a post transaction payment selection module 150 possibly implemented on computer processor 120 , configured to receive a reselection request indicating a second payment method which comprises an installment loan.
- the installment loan may have pre-agreed terms or associated with terms that are updated and tailored for the specific transaction.
- all finalized transactions made by the holder of the CPD, using any of the payment methods associated with the CPD may be presented to the holder, and he or she may select which of the transactions may be converted into an installment loan so they can be paid later.
- transaction authorization module 140 may be configured to authorize the transaction request with the second payment method and abort the transaction with the first payment method.
- transaction authorization module 140 may be configured to authorize the transaction request with the second payment method and initiate a cancel and refund process for the transaction with the first payment method.
- the consolidated payment device may be a physical payment device capable of initiating a transaction at said POS but can also be applied for online transactions in which the so-called POS is a computer terminal on which the holder makes the transaction.
- the consolidated payment device may also be used to initiate transfer of funds to individuals or organizations. In this use case, there is no merchant—just holder of CPD and a recipient.
- the plurality of payment methods comprises at least one of: credit card, debit card, chip and PIN device; and mobile payment device, bank accounts, and any other payment method.
- the consolidated payment device is associated with a mobile communication device associated with the holder of said consolidated payment device, wherein the selections of the first payment method and of the second payment method are carried out over said mobile communication device.
- the mobile communication device is one of: a wireless communication device, a smartphone, a tablet computer, and a lap top computer or the like.
- the consolidated payment device may be a virtual identifier of the holder that is unique to him or her. Thus, no physical item is required to serve as an identifier of all set of payment methods active and available for the holder.
- FIG. 2 is a high-level flowchart illustrating a non-limiting exemplary method 200 for reselecting a payment method from a plurality of payment methods associated with a consolidated payment device.
- Method 200 may include the following steps: obtaining, at a remote server, a transaction request initiated by a holder of a consolidated payment device at a point of sale (POS), wherein the transaction request indicates a first payment method of said plurality of payment methods 210 ; authorizing the transaction request, following a process that may include, inter alia, verifying sufficient funds on the first payment method 220 ; receiving, at said remote server, a reselection request indicating an second payment method which is different than the first payment method 230 ; in a case that the transaction has not yet finalized, authorizing the transaction request with the second payment method and aborting the transaction with the first payment method 240 ; and in a case that the transaction has been finalized, authorizing the transaction request with the second payment method and initiating a cancel and refund process for the
- some embodiments of the present invention effectively allow holders of the CPD to “go back in time and pay later” by swiping transactions that they have made on their CPD and turn them into, for example, a 3-12 month installment loan (i.e., to pay off later).
- holders of the CPD may retrospectively look at purchases they have made (e.g., on a touch screen of the smartphone service as a user interface) and put them on an installment plan so they can pay them off later.
- a computer processor may receive instructions and data from a read-only memory or a random-access memory or both. At least one of aforementioned steps is performed by at least one processor associated with a computer.
- the essential elements of a computer are a processor for executing instructions and one or more memories for storing instructions and data.
- a computer will also include, or be operatively coupled to communicate with, one or more mass storage devices for storing data files.
- Storage modules suitable for tangibly embodying computer program instructions and data include all forms of non-volatile memory, including by way of example semiconductor memory devices, and flash memory devices and also magneto-optic storage devices.
- aspects of the present invention may be embodied as a system, method or computer program product. Accordingly, some aspects of the present invention may take the form of an entirely hardware embodiment, an entirely software embodiment (including firmware, resident software, micro-code, etc.) or an embodiment combining software and hardware aspects that may all generally be referred to herein as a “circuit”, “module”, or “system.” Furthermore, some aspects of the present invention may take the form of a computer program product embodied in one or more computer readable medium(s) having computer readable program code embodied thereon.
- the computer readable medium may be a computer readable signal medium or a computer readable storage medium.
- a computer readable storage medium may be, for example, but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, or device, or any suitable combination of the foregoing. More specific examples (a non-exhaustive list) of the computer readable storage medium would include the following: an electrical connection having one or more wires, a hard disk, a random access memory (RAM), a read-only memory (ROM), an optical fiber, an optical storage device, a magnetic storage device, or any suitable combination of the foregoing.
- a computer readable storage medium may be any tangible medium that can contain or store a program for use by or in connection with an instruction execution system, apparatus, or device.
- a computer readable signal medium may include a propagated data signal with computer readable program code embodied therein, for example, in base band or as part of a carrier wave. Such a propagated signal may take any of a variety of forms, including, but not limited to, electro-magnetic, optical, or any suitable combination thereof.
- a computer readable signal medium may be any computer readable medium that is not a computer readable storage medium and that can communicate, propagate, or transport a program for use by or in connection with an instruction execution system, apparatus, or device.
- Program code embodied on a computer readable medium may be transmitted using any appropriate medium, including but not limited to wireless, wire-line, optical fiber cable, RF, etc., or any suitable combination of the foregoing.
- Computer program code for carrying out operations for aspects of the present invention may be written in any combination of one or more programming languages, including an object-oriented programming language such as Java, Smalltalk, C++, Python or functional programming languages such as Scala and the like and conventional procedural programming languages, such as the “C” programming language or similar programming languages.
- the program code may execute entirely on the holder's computer, partly on the holder's computer, as a stand-alone software package, partly on the holder's computer and partly on a remote computer or entirely on the remote computer or server.
- the remote computer may be connected to the holder's computer through any type of network, including a local area network (LAN) or a wide area network (WAN), or the connection may be made to an external computer (for example, through the Internet using an Internet Service Provider).
- LAN local area network
- WAN wide area network
- Internet Service Provider an Internet Service Provider
- These computer program instructions may also be stored in a computer readable medium that can direct a computer, other programmable data processing apparatus, or other devices to function in a particular manner, such that the instructions stored in the computer readable medium produce an article of manufacture including instructions which implement the function/act specified in the flowchart and/or portion diagram portion or portions.
- the computer program instructions may also be loaded onto a computer, other programmable data processing apparatus, or other devices to cause a series of operational steps to be performed on the computer, other programmable apparatus or other devices to produce a computer implemented process such that the instructions which execute on the computer or other programmable apparatus provide processes for implementing the functions/acts specified in the flowchart and/or portion diagram portion or portions.
- each portion in the flowchart or portion diagrams may represent a module, segment, or portion of code, which comprises one or more executable instructions for implementing the specified logical function(s).
- the functions noted in the portion may occur out of the order noted in the figures. For example, two portions shown in succession may, in fact, be executed substantially concurrently, or the portions may sometimes be executed in the reverse order, depending upon the functionality involved.
- each portion of the portion diagrams and/or flowchart illustration, and combinations of portions in the portion diagrams and/or flowchart illustration can be implemented by special purpose hardware-based systems that perform the specified functions or acts, or combinations of special purpose hardware and computer instructions.
- Methods of the present invention may be implemented by performing or completing manually, automatically, or a combination thereof, selected steps or tasks.
- method may refer to manners, means, techniques and procedures for accomplishing a given task including, but not limited to, those manners, means, techniques and procedures either known to, or readily developed from known manners, means, techniques and procedures by practitioners of the art to which the invention belongs.
- the present invention may be implemented in the testing or practice with methods and materials equivalent or similar to those described herein.
Landscapes
- Business, Economics & Management (AREA)
- Accounting & Taxation (AREA)
- Engineering & Computer Science (AREA)
- Physics & Mathematics (AREA)
- General Business, Economics & Management (AREA)
- General Physics & Mathematics (AREA)
- Strategic Management (AREA)
- Theoretical Computer Science (AREA)
- Finance (AREA)
- Computer Security & Cryptography (AREA)
- Computer Networks & Wireless Communication (AREA)
- Development Economics (AREA)
- Economics (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
Abstract
Description
- This is a Continuation-In-Part application of U.S. patent application Ser. No. 15/983,406, filed on May 18, 2018, which claims the benefit of U.S. Provisional Patent Application No. 62/508,553, filed on May 19, 2017, both of which are incorporated herein by reference in their entireties.
- The present invention relates generally to computerized payment methods, and more particularly to post-transaction amendments of payment method.
- Prior to setting forth the background of the invention, it may be helpful to set forth definitions of certain terms that will be used hereinafter.
- The term “payment method” as used herein is defined broadly as any method payment that requires identification of the payer (e.g. not cash) and can include payments cards, bank accounts, credit lines, and other
- The term “consolidated payment device” as used herein is defined broadly as any consolidated payment device whether physical or not, that is associated with a plurality of payment methods and enables using any of the payment methods with which it is associated. A consolidated payment device may include, for example, a card, a phone or a payment wearable (e.g. ring, bracelet, keyring and the like).
- As various payment methods being used in parallel by same holders, it becomes important to have the ability to consolidate them into a single device—a physical or virtual one.
- In a consolidated payment device format, it is possible for payment device holder to use any of the plurality of payment methods associated with his or her consolidated payment device either by preselecting the specified payment method for the transaction or based on a specified order or other logic.
- In some cases, it is required for a holder of such a consolidated payment device, to reverse his or her payment method selection after he or she already used the device. This can be due to a mistake (e.g., the holder did not realize they do not have sufficient funds on a particular payment method) or due to latency associated with payment method selection procedure that is inherent to consolidated payment device format.
- Another important scenario is when a holder of such a consolidated payment device would like to switch from a specific payment method he or she has selected for a specific transaction, after it has been finalized, to an installment loan. This may enable a holder of the consolidated payment device to go over completed transactions and decide which of them he or she would like to switch or convert into an installment loan.
- It would be therefore advantageous to provide a system and a method that securely and elegantly enable a holder of a consolidated payment device to effectively “go back in time and pay” and switch his or her selection of the payment method of the plurality of payment methods associated with the consolidated payment device, into an installment loan so a transaction that was already registered on one payment method is effectively converted into an installment loan.
- In accordance with some embodiments of the present invention, a method and a system for reselecting of a payment method of a plurality of payment methods associated with a consolidated payment device (CPD) are provided herein. The method may include the following steps: obtaining, at a remote server, a transaction request, responsive to an initiation by a holder of a consolidated payment device, possibly but not necessarily, at a point of sale (POS), wherein the transaction request indicates a first payment device of said plurality of payment devices; authorizing the transaction request, following a process that include, inter alia, verifying sufficient funds on the first payment device; receiving, at said remote server, a reselection request indicating an second payment device which is different than the first payment device; in a case that the transaction has not yet finalized, authorizing the transaction request with the second payment device and aborting the transaction with the first payment device; and in a case that the transaction has been finalized, authorizing the transaction request with the second payment device and initiating a cancel and refund process for the transaction with the first payment device.
- Advantageously, embodiments of the present invention are carried out in a manner that is totally transparent to the recipient of the payment initiated by the holder. Specifically, either a recipient or a merchant (if relevant) are unaware and need not do anything in order to implement the so-called “go back in time and pay later” feature in accordance with some embodiments of the present invention. For example, the credit and or the loan can be pre-agreed upon between the holder of the CPD and the lender.
- The subject matter regarded as the invention is particularly pointed out and distinctly claimed in the concluding portion of the specification. The invention, however, both as to organization and method of operation, together with objects, features, and advantages thereof, may best be understood by reference to the following detailed description when read with the accompanying drawings in which:
-
FIG. 1 is a block diagram illustrating non-limiting exemplary architecture of a system in accordance with some embodiments of the present invention; and -
FIG. 2 is a high-level flowchart illustrating non-limiting exemplary method in accordance with embodiments of the present invention. - It will be appreciated that, for simplicity and clarity of illustration, elements shown in the figures have not necessarily been drawn to scale. For example, the dimensions of some of the elements may be exaggerated relative to other elements for clarity. Further, where considered appropriate, reference numerals may be repeated among the figures to indicate corresponding or analogous elements.
- In the following description, various aspects of the present invention will be described. For purposes of explanation, specific configurations and details are set forth in order to provide a thorough understanding of the present invention. However, it will also be apparent to one skilled in the art that the present invention may be practiced without the specific details presented herein. Furthermore, well known features may be omitted or simplified in order not to obscure the present invention.
- Unless specifically stated otherwise, as apparent from the following discussions, it is appreciated that throughout the specification discussions utilizing terms such as “processing”, “computing”, “calculating”, “determining”, or the like, refer to the action and/or processes of a computer or computing system, or similar electronic computing device, that manipulates and/or transforms data represented as physical, such as electronic, quantities within the computing system's registers and/or memories into other data similarly represented as physical quantities within the computing system's memories, registers or other such information storage, transmission or display devices.
-
FIG. 1 is a block diagram illustrating non-limiting exemplary architecture of a system in accordance with some embodiments of the present invention.System 100 of reselecting of a payment method of a plurality ofpayment methods 30 associated with a consolidatedpayment device 50 is illustrated in high level architecture.System 100 may include: apayment selection module 130 implemented on acomputer processor 120 at aremote server 110.Payment selection module 130 may be configured to obtain, a transaction request initiated by aholder 10 of a consolidatedpayment device 50 possibly but not necessarily at a point of sale (POS) 20 connected via anetwork 40 toserver 110. It is understood that, withinnetwork 40, many functionalities are carried out in order to achieve an operational payment method consolidating mechanism. - In accordance with some embodiments of the present invention, the transaction request indicates a first payment method of said plurality of payment methods (PM) 30.
System 100 may further include atransaction authorization module 140, possibly implemented oncomputer processor 120, configured to authorize the transaction request, following a process that may include, inter alia, verifying sufficient funds on the first payment method. -
System 100 may further include a post transactionpayment selection module 150, possibly implemented oncomputer processor 120, configured to receive a reselection request indicating a second payment method which comprises an installment loan. - According to some embodiments, the installment loan may have pre-agreed terms or associated with terms that are updated and tailored for the specific transaction.
- According to some embodiments of the present invention, all finalized transactions made by the holder of the CPD, using any of the payment methods associated with the CPD, may be presented to the holder, and he or she may select which of the transactions may be converted into an installment loan so they can be paid later.
- In accordance with some embodiments of the present invention, in a case that the transaction has not yet finalized,
transaction authorization module 140 may be configured to authorize the transaction request with the second payment method and abort the transaction with the first payment method. - In accordance with some embodiments of the present invention, in a case that the transaction has been finalized,
transaction authorization module 140 may be configured to authorize the transaction request with the second payment method and initiate a cancel and refund process for the transaction with the first payment method. - In accordance with some embodiments of the present invention, the consolidated payment device may be a physical payment device capable of initiating a transaction at said POS but can also be applied for online transactions in which the so-called POS is a computer terminal on which the holder makes the transaction. The consolidated payment device may also be used to initiate transfer of funds to individuals or organizations. In this use case, there is no merchant—just holder of CPD and a recipient.
- In accordance with some embodiments of the present invention, the plurality of payment methods comprises at least one of: credit card, debit card, chip and PIN device; and mobile payment device, bank accounts, and any other payment method.
- In accordance with some embodiments of the present invention, the consolidated payment device is associated with a mobile communication device associated with the holder of said consolidated payment device, wherein the selections of the first payment method and of the second payment method are carried out over said mobile communication device.
- In accordance with some embodiments of the present invention, the mobile communication device is one of: a wireless communication device, a smartphone, a tablet computer, and a lap top computer or the like. Alternatively, the consolidated payment device may be a virtual identifier of the holder that is unique to him or her. Thus, no physical item is required to serve as an identifier of all set of payment methods active and available for the holder.
-
FIG. 2 is a high-level flowchart illustrating a non-limitingexemplary method 200 for reselecting a payment method from a plurality of payment methods associated with a consolidated payment device.Method 200 may include the following steps: obtaining, at a remote server, a transaction request initiated by a holder of a consolidated payment device at a point of sale (POS), wherein the transaction request indicates a first payment method of said plurality ofpayment methods 210; authorizing the transaction request, following a process that may include, inter alia, verifying sufficient funds on thefirst payment method 220; receiving, at said remote server, a reselection request indicating an second payment method which is different than thefirst payment method 230; in a case that the transaction has not yet finalized, authorizing the transaction request with the second payment method and aborting the transaction with thefirst payment method 240; and in a case that the transaction has been finalized, authorizing the transaction request with the second payment method and initiating a cancel and refund process for the transaction with thefirst payment method 250. - Advantageously, some embodiments of the present invention effectively allow holders of the CPD to “go back in time and pay later” by swiping transactions that they have made on their CPD and turn them into, for example, a 3-12 month installment loan (i.e., to pay off later). Thus, holders of the CPD may retrospectively look at purchases they have made (e.g., on a touch screen of the smartphone service as a user interface) and put them on an installment plan so they can pay them off later.
- In order to implement the
method 200 and a non-transitory computer readablemedium executing method 200 according to some embodiments of the present invention, a computer processor may receive instructions and data from a read-only memory or a random-access memory or both. At least one of aforementioned steps is performed by at least one processor associated with a computer. The essential elements of a computer are a processor for executing instructions and one or more memories for storing instructions and data. Generally, a computer will also include, or be operatively coupled to communicate with, one or more mass storage devices for storing data files. Storage modules suitable for tangibly embodying computer program instructions and data include all forms of non-volatile memory, including by way of example semiconductor memory devices, and flash memory devices and also magneto-optic storage devices. - As will be appreciated by one skilled in the art, some aspects of the present invention may be embodied as a system, method or computer program product. Accordingly, some aspects of the present invention may take the form of an entirely hardware embodiment, an entirely software embodiment (including firmware, resident software, micro-code, etc.) or an embodiment combining software and hardware aspects that may all generally be referred to herein as a “circuit”, “module”, or “system.” Furthermore, some aspects of the present invention may take the form of a computer program product embodied in one or more computer readable medium(s) having computer readable program code embodied thereon.
- Any combination of one or more computer readable medium(s) may be utilized. The computer readable medium may be a computer readable signal medium or a computer readable storage medium. A computer readable storage medium may be, for example, but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, or device, or any suitable combination of the foregoing. More specific examples (a non-exhaustive list) of the computer readable storage medium would include the following: an electrical connection having one or more wires, a hard disk, a random access memory (RAM), a read-only memory (ROM), an optical fiber, an optical storage device, a magnetic storage device, or any suitable combination of the foregoing. In the context of this document, a computer readable storage medium may be any tangible medium that can contain or store a program for use by or in connection with an instruction execution system, apparatus, or device.
- A computer readable signal medium may include a propagated data signal with computer readable program code embodied therein, for example, in base band or as part of a carrier wave. Such a propagated signal may take any of a variety of forms, including, but not limited to, electro-magnetic, optical, or any suitable combination thereof. A computer readable signal medium may be any computer readable medium that is not a computer readable storage medium and that can communicate, propagate, or transport a program for use by or in connection with an instruction execution system, apparatus, or device.
- Program code embodied on a computer readable medium may be transmitted using any appropriate medium, including but not limited to wireless, wire-line, optical fiber cable, RF, etc., or any suitable combination of the foregoing. Computer program code for carrying out operations for aspects of the present invention may be written in any combination of one or more programming languages, including an object-oriented programming language such as Java, Smalltalk, C++, Python or functional programming languages such as Scala and the like and conventional procedural programming languages, such as the “C” programming language or similar programming languages. The program code may execute entirely on the holder's computer, partly on the holder's computer, as a stand-alone software package, partly on the holder's computer and partly on a remote computer or entirely on the remote computer or server. In the latter scenario, the remote computer may be connected to the holder's computer through any type of network, including a local area network (LAN) or a wide area network (WAN), or the connection may be made to an external computer (for example, through the Internet using an Internet Service Provider).
- Some aspects of the present invention are described above with reference to flowchart illustrations and/or portion diagrams of methods, apparatus (systems) and computer program products according to some embodiments of the invention. It will be understood that each portion of the flowchart illustrations and/or portion diagrams, and combinations of portions in the flowchart illustrations and/or portion diagrams, can be implemented by computer program instructions. These computer program instructions may be provided to a processor of a general-purpose computer, special purpose computer, or other programmable data processing apparatus to produce a machine, such that the instructions, which execute via the processor of the computer or other programmable data processing apparatus, create means for implementing the functions/acts specified in the flowchart and/or portion diagram portion or portions.
- These computer program instructions may also be stored in a computer readable medium that can direct a computer, other programmable data processing apparatus, or other devices to function in a particular manner, such that the instructions stored in the computer readable medium produce an article of manufacture including instructions which implement the function/act specified in the flowchart and/or portion diagram portion or portions.
- The computer program instructions may also be loaded onto a computer, other programmable data processing apparatus, or other devices to cause a series of operational steps to be performed on the computer, other programmable apparatus or other devices to produce a computer implemented process such that the instructions which execute on the computer or other programmable apparatus provide processes for implementing the functions/acts specified in the flowchart and/or portion diagram portion or portions.
- The aforementioned flowchart and diagrams illustrate the architecture, functionality, and operation of possible implementations of systems, methods and computer program products according to various embodiments of the present invention. In this regard, each portion in the flowchart or portion diagrams may represent a module, segment, or portion of code, which comprises one or more executable instructions for implementing the specified logical function(s). It should also be noted that, in some alternative implementations, the functions noted in the portion may occur out of the order noted in the figures. For example, two portions shown in succession may, in fact, be executed substantially concurrently, or the portions may sometimes be executed in the reverse order, depending upon the functionality involved. It will also be noted that each portion of the portion diagrams and/or flowchart illustration, and combinations of portions in the portion diagrams and/or flowchart illustration, can be implemented by special purpose hardware-based systems that perform the specified functions or acts, or combinations of special purpose hardware and computer instructions.
- In the above description, an embodiment is an example or implementation of the inventions. The various appearances of “one embodiment,” “an embodiment” or “some embodiments” do not necessarily all refer to the same embodiments.
- Although various features of the invention may be described in the context of a single embodiment, the features may also be provided separately or in any suitable combination. Conversely, although the invention may be described herein in the context of separate embodiments for clarity, the invention may also be implemented in a single embodiment.
- Reference in the specification to “some embodiments”, “an embodiment”, “one embodiment” or “other embodiments” means that a particular feature, structure, or characteristic described in connection with the embodiments is included in at least some embodiments, but not necessarily all embodiments, of the inventions.
- It is to be understood that the phraseology and terminology employed herein is not to be construed as limiting and are for descriptive purpose only.
- The principles and uses of the teachings of the present invention may be better understood with reference to the accompanying description, figures and examples.
- It is to be understood that the details set forth herein do not construe a limitation to an application of the invention.
- Furthermore, it is to be understood that the invention can be carried out or practiced in various ways and that the invention can be implemented in embodiments other than the ones outlined in the description above.
- It is to be understood that the terms “including”, “comprising”, “consisting” and grammatical variants thereof do not preclude the addition of one or more components, features, steps, or integers or groups thereof and that the terms are to be construed as specifying components, features, steps or integers.
- If the specification or claims refer to “an additional” element, that does not preclude there being more than one of the additional element.
- It is to be understood that, where the claims or specification refer to “a” or “an” element, such reference is not be construed that there is only one of that element.
- It is to be understood that, where the specification states that a component, feature, structure, or characteristic “may”, “might”, “can” or “could” be included, that particular component, feature, structure, or characteristic is not required to be included.
- Where applicable, although state diagrams, flow diagrams or both may be used to describe embodiments, the invention is not limited to those diagrams or to the corresponding descriptions. For example, flow need not move through each illustrated box or state, or in exactly the same order as illustrated and described.
- Methods of the present invention may be implemented by performing or completing manually, automatically, or a combination thereof, selected steps or tasks.
- The term “method” may refer to manners, means, techniques and procedures for accomplishing a given task including, but not limited to, those manners, means, techniques and procedures either known to, or readily developed from known manners, means, techniques and procedures by practitioners of the art to which the invention belongs.
- The descriptions, examples, methods and materials presented in the claims and the specification are not to be construed as limiting but rather as illustrative only.
- Meanings of technical and scientific terms used herein are to be commonly understood as by one of ordinary skill in the art to which the invention belongs, unless otherwise defined.
- The present invention may be implemented in the testing or practice with methods and materials equivalent or similar to those described herein.
- Any publications, including patents, patent applications and articles, referenced or mentioned in this specification are herein incorporated in their entirety into the specification, to the same extent as if each individual publication was specifically and individually indicated to be incorporated herein. In addition, citation or identification of any reference in the description of some embodiments of the invention shall not be construed as an admission that such reference is available as prior art to the present invention.
- While the invention has been described with respect to a limited number of embodiments, these should not be construed as limitations on the scope of the invention, but rather as exemplifications of some of the preferred embodiments. Other possible variations, modifications, and applications are also within the scope of the invention. Accordingly, the scope of the invention should not be limited by what has thus far been described, but by the appended claims and their legal equivalents.
Claims (20)
Priority Applications (1)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US17/093,094 US20210073777A1 (en) | 2017-05-19 | 2020-11-09 | Method and system for switching from a selected payment method into an installment loan for one or more finalized transactions |
Applications Claiming Priority (3)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US201762508553P | 2017-05-19 | 2017-05-19 | |
US15/983,406 US10832233B2 (en) | 2017-05-19 | 2018-05-18 | Method and system for reversing a selection of a payment method for a specific transaction |
US17/093,094 US20210073777A1 (en) | 2017-05-19 | 2020-11-09 | Method and system for switching from a selected payment method into an installment loan for one or more finalized transactions |
Related Parent Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
US15/983,406 Continuation-In-Part US10832233B2 (en) | 2017-05-19 | 2018-05-18 | Method and system for reversing a selection of a payment method for a specific transaction |
Publications (1)
Publication Number | Publication Date |
---|---|
US20210073777A1 true US20210073777A1 (en) | 2021-03-11 |
Family
ID=74851027
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
US17/093,094 Pending US20210073777A1 (en) | 2017-05-19 | 2020-11-09 | Method and system for switching from a selected payment method into an installment loan for one or more finalized transactions |
Country Status (1)
Country | Link |
---|---|
US (1) | US20210073777A1 (en) |
Cited By (3)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US20220207520A1 (en) * | 2020-12-28 | 2022-06-30 | Paypal, Inc. | Systems and methods for managing electronic transactions |
US20220270060A1 (en) * | 2021-02-22 | 2022-08-25 | Affirm, Inc. | Method and Apparatus for Managing Financial Transactions for Selective Conversion to Buy Now, Pay Later Financing |
US12002055B1 (en) | 2023-09-13 | 2024-06-04 | Progressive Casualty Insurance Company | Adaptable processing framework |
Citations (12)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US20140122338A1 (en) * | 2012-10-29 | 2014-05-01 | Allen Cueli | Method and system for system control |
US20150193858A1 (en) * | 2014-01-08 | 2015-07-09 | Modest, Inc. | Post transaction order modification system |
US20170323280A1 (en) * | 2016-05-05 | 2017-11-09 | Mastercard International Incorporated | Method and system for facilitating installments in an electronic transaction |
US10037129B2 (en) * | 2013-08-30 | 2018-07-31 | Google Llc | Modifying a segment of a media item on a mobile device |
US10083443B1 (en) * | 2015-06-12 | 2018-09-25 | Square, Inc. | Persistent authentication of a wearable device |
US10832233B2 (en) * | 2017-05-19 | 2020-11-10 | Curve 1 Limited | Method and system for reversing a selection of a payment method for a specific transaction |
US10915900B1 (en) * | 2017-06-26 | 2021-02-09 | Square, Inc. | Interchange action delay based on refund prediction |
US11023912B2 (en) * | 2018-11-07 | 2021-06-01 | Capital One Services, Llc | Systems and methods for transaction-specific rewards negotiation |
US20210182855A1 (en) * | 2019-12-17 | 2021-06-17 | Paypal, Inc. | Managing pending refund transaction for a transaction system |
US11257072B1 (en) * | 2018-03-29 | 2022-02-22 | Square, Inc. | Detecting unauthorized devices |
US20220067739A1 (en) * | 2020-08-28 | 2022-03-03 | Visa International Service Association | Method and System for Generating Payment Request Message Based on Preferred Payment Method |
US20220230148A1 (en) * | 2014-10-31 | 2022-07-21 | Block, Inc. | Money transfer by use of a payment proxy |
-
2020
- 2020-11-09 US US17/093,094 patent/US20210073777A1/en active Pending
Patent Citations (12)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US20140122338A1 (en) * | 2012-10-29 | 2014-05-01 | Allen Cueli | Method and system for system control |
US10037129B2 (en) * | 2013-08-30 | 2018-07-31 | Google Llc | Modifying a segment of a media item on a mobile device |
US20150193858A1 (en) * | 2014-01-08 | 2015-07-09 | Modest, Inc. | Post transaction order modification system |
US20220230148A1 (en) * | 2014-10-31 | 2022-07-21 | Block, Inc. | Money transfer by use of a payment proxy |
US10083443B1 (en) * | 2015-06-12 | 2018-09-25 | Square, Inc. | Persistent authentication of a wearable device |
US20170323280A1 (en) * | 2016-05-05 | 2017-11-09 | Mastercard International Incorporated | Method and system for facilitating installments in an electronic transaction |
US10832233B2 (en) * | 2017-05-19 | 2020-11-10 | Curve 1 Limited | Method and system for reversing a selection of a payment method for a specific transaction |
US10915900B1 (en) * | 2017-06-26 | 2021-02-09 | Square, Inc. | Interchange action delay based on refund prediction |
US11257072B1 (en) * | 2018-03-29 | 2022-02-22 | Square, Inc. | Detecting unauthorized devices |
US11023912B2 (en) * | 2018-11-07 | 2021-06-01 | Capital One Services, Llc | Systems and methods for transaction-specific rewards negotiation |
US20210182855A1 (en) * | 2019-12-17 | 2021-06-17 | Paypal, Inc. | Managing pending refund transaction for a transaction system |
US20220067739A1 (en) * | 2020-08-28 | 2022-03-03 | Visa International Service Association | Method and System for Generating Payment Request Message Based on Preferred Payment Method |
Cited By (4)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US20220207520A1 (en) * | 2020-12-28 | 2022-06-30 | Paypal, Inc. | Systems and methods for managing electronic transactions |
US11727394B2 (en) | 2020-12-28 | 2023-08-15 | Paypal, Inc. | Systems and methods for managing electronic transactions |
US20220270060A1 (en) * | 2021-02-22 | 2022-08-25 | Affirm, Inc. | Method and Apparatus for Managing Financial Transactions for Selective Conversion to Buy Now, Pay Later Financing |
US12002055B1 (en) | 2023-09-13 | 2024-06-04 | Progressive Casualty Insurance Company | Adaptable processing framework |
Similar Documents
Publication | Publication Date | Title |
---|---|---|
US11941595B2 (en) | Systems and methods for point of sale deposits | |
US11392956B2 (en) | Electronic system and computerized method for processing recurring payment transactions | |
US20210073777A1 (en) | Method and system for switching from a selected payment method into an installment loan for one or more finalized transactions | |
CA2685459C (en) | System and method for performing person-to-person funds transfers via wireless communications | |
US20230289768A1 (en) | Installments system and method | |
RU2727150C1 (en) | System of writing-off and transfer for x-pay digital wallets | |
US9646297B2 (en) | Method and system of providing financial transaction card related mobile apps | |
US20170357965A1 (en) | System and method for token based payments | |
US11003979B1 (en) | Multi-faced payment card with partitioned dual smart chips and antennae | |
US11087310B2 (en) | Method and system for facilitating recurring customer payment to merchants | |
KR20160103728A (en) | Method for Accumulating Membership Points and Apparatus the Same | |
US12008562B2 (en) | External payment credential digitization | |
US10832233B2 (en) | Method and system for reversing a selection of a payment method for a specific transaction | |
US12008542B2 (en) | Systems and methods for performing payment transactions using indicia-based associations between user interfaces | |
US20130290178A1 (en) | System and method for effecting payment to a beneficiary including a real-time authorization of the payment | |
CN109559212B (en) | Tax refund processing method, device, equipment and system | |
US11341470B1 (en) | Systems and methods for smart card online purchase authentication | |
US20230206197A1 (en) | Card to bank payments solution | |
US20180322496A1 (en) | System and Method for Automated Switching of Payment Devices in a Payment Transaction | |
WO2023199300A1 (en) | System, device and method for digital payment | |
ES2765005T3 (en) | Transaction verification procedures and systems |
Legal Events
Date | Code | Title | Description |
---|---|---|---|
STPP | Information on status: patent application and granting procedure in general |
Free format text: APPLICATION DISPATCHED FROM PREEXAM, NOT YET DOCKETED |
|
AS | Assignment |
Owner name: CURVE OS LIMITED, GREAT BRITAIN Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:BIALICK, SHACHAR;REEL/FRAME:057013/0475 Effective date: 20210528 |
|
STPP | Information on status: patent application and granting procedure in general |
Free format text: DOCKETED NEW CASE - READY FOR EXAMINATION |
|
STPP | Information on status: patent application and granting procedure in general |
Free format text: NON FINAL ACTION MAILED |
|
STPP | Information on status: patent application and granting procedure in general |
Free format text: RESPONSE TO NON-FINAL OFFICE ACTION ENTERED AND FORWARDED TO EXAMINER |
|
STPP | Information on status: patent application and granting procedure in general |
Free format text: NON FINAL ACTION MAILED |
|
STPP | Information on status: patent application and granting procedure in general |
Free format text: RESPONSE TO NON-FINAL OFFICE ACTION ENTERED AND FORWARDED TO EXAMINER |
|
STPP | Information on status: patent application and granting procedure in general |
Free format text: FINAL REJECTION MAILED |